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July 18, 2024

Govt arrest top Binance Executives for Naija

Top-executives-from-Binance-arrest

Two top executives from Binance wey dem arrest on Wednesday for Nigeria dey identified as one American and one British-Pakistani. Dem hold dem based on order wey National Security Adviser (NSA) Nuhu Ribadu give, because dem suspect say dem dey do foreign exchange manipulation.

Also, dem no release their names.

In addition, dem talk say Federal Government don get Court Warrant to hold dem for 12 days while Economic and Financial Crimes Commission (EFCC) go investigate dem well.

Dem arrest dem for one Guest House wey Office of the National Security Adviser (ONSA) dey operate.

Dem two reportedly fly enter Nigeria yesterday after Federal Government start to hammer cryptocurrency exchange. Government plan to ban cryptocurrency trading because dem suspect say sharp practices dey happen through their websites.

Central Bank of Nigeria (CBN) Governor Dr. Olayemi Cardoso talk say during Monetary Policy Committee (MPC) meeting on Tuesday, say billions of dollars don pass through Binance Nigeria within one year from sources and users wey dem no fit identify.

CBN oga say, “In Binance matter, for just one year, $26 billion don pass through Binance Nigeria from people wey we no fit identify well.”

NSA don ask Binance to provide data on their operations for Nigeria within seven years.

The arrested executives refuse request to delete all Nigerian information from their platform, dem talk say dem no go do am until dem carry dem go their countries’ embassies.

Also yesterday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, clear air on why dem clampdown on Binance and other cryptocurrency trading websites.

 

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He talk say if dem no take action against Binance, e go destroy the economy.

He talk say, “If we no checkmate Binance, e go scatter this country economy. Dem just dey set rates anyhow.”

“We get saboteurs. See wetin Binance dey do to our economy. Na why government take action against dem. Some people just dey use cyberspace dey control even our exchange rate, hijacking CBN role.”

He beg Nigerians make dem stop to dey follow black market for foreign exchange rates, say na only Central Bank official website dey authorised.

He argue say parallel market no be true reflection of Nigeria economic health, say na illegal market.

On dollarization of the economy, he talk say, “Importers dey use exchange rate fix prices, some of dem just dey do am anyhow, some dey do am to make gain.”

He assure say as soon as top financial regulator stabilise exchange rate, prices of goods go return to normal.

He add say, “Things no go worse, e go better for next few weeks.

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